Colombo Port makes record gains in Q1

Friday, 22 June 2018 00:00 - - {{hitsCtrl.values.hits}}

Hits 28% growth in first three months, 5% revenue rise to Rs. 11 b, profit at Rs. 3.3 b

The Colombo Port is hopeful for a profitable year after kicking off 2018 by recording a 28% increase in revenue in the first quarter compared to 2017.

“This is a phenomenal increase by any standards and we expect it to continue. At the very least we should be able to maintain the profit made last year,” Ports and Shipping Minister Mahinda Samarasinghe said yesterday at a press conference.

The entity has recorded a 5% increase in revenue in the first quarter, recording Rs. 11.04 billion compared to last year’s Rs. 10.55 billion while also managing to keep the expenditure down. In the first quarter of 2018 the Colombo Port managed to keep the cost at Rs. 6.79 billion compared to last year’s Rs. 7.22 billion, amounting to a total reduction of 6%. The total profit before adjusting for foreign exchange gains or losses totalled Rs. 3.33 billion, the Minister announced. After adjustment for foreign exchange gains or losses, the Colombo Port has made a total profit of Rs. 2.32 billion compared to a Rs. 861 million loss recorded last year, the Minister revealed.

“This is a 370% increase in profits after adjusting for foreign exchange gains,” he said.

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